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Sector Update: Financial
By: MT Newswires
Financial shares fairly flat in today's pre-market session.
In stocks news, Prospect Capital Corporation ( PSEC ) says has provided a $75 million floating-rate senior-secured term loan to support the recapitalization of American Broadband Communications.
Prospect has closed approximately $2.0 billion of originations to date in the 2013 calendar year. Prospect closed more than $3.0 billion of originations in the 12 months ended June 30, 2013.
And, Sterling Financial Corporation ( STSA ) and Umpqua Holdings Corporation ( UMPQ ) have entered into a definitive agreement pursuant to which Sterling will merge with and into Umpqua. The transaction will have a total value of approximately $2 billion.
The combined organization will have approximately $22 billion in assets, $15 billion in loans and $16 billion in deposits, with 5,000 associates and 394 stores across 5 states: Oregon, Washington, Idaho, California and Nevada.
Upon completion of the merger, the company will operate under the Umpqua Bank name and brand. STSA is up 12% in pre-market trade.